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Thursday, January 10, 2008

World Bank to allocate $100,000,000 for reclamation of Absheron oil polluted lands

12 December 2007 - Day.Az - World Bank will assign $100,000,000 for the implementation of the first stage of the project of reclamation of oil polluted lands in Absheron, as reported by the WB vice president on Europe and Central Asia Shigeo Katsu. "This is a long-term program and the first stage envisions the exploration, selection of a diagnosing method, purchase of equipment and pilot reclamation. The reclamation of subsoil waters, utilization of housing wastes, purification of radioactive wastes, reclamation of oil polluted lands are envisioned. The first stage aims to create technical potential and carry out preliminary works", he said. According to Katsu, the credit will be partially financed at the cost of a credit from the WB departments, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IDA assigns credits at 0.75% annually for a term of 35 years with a 10 year period of grace and the IBRD-at Libor+ annually (depending on the rate) for a term of 20 years with a 5 year period of grace. Notably, the total area of the polluted lands of Absheron are estimated at over 30,000 hectares.

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